Pakistan and Saudi Arabia have agreed to launch a new framework for economic cooperation, marking a major milestone in their long-standing bilateral relationship. The announcement came after a high-level meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz, signaling a renewed commitment to strengthen economic and strategic ties. The Pakistan and Saudi Arabia launch new framework for economic cooperation reflects the deep-rooted brotherhood, Islamic solidarity, and mutual trust that have defined their partnership for nearly eight decades.
According to the joint statement, the new framework aims to enhance trade, investment, and development cooperation between the two nations. It sets the stage for discussions on strategic, high-impact projects across key sectors including energy, mining, information technology, industry, tourism, agriculture, and food security. Both sides also reaffirmed their shared commitment to expanding the private sector’s role and boosting trade exchanges.
The framework builds on ongoing economic collaborations such as the memorandum of understanding on power transmission projects and cooperation in the energy sector. It reflects a shared vision of creating a sustainable economic partnership grounded in mutual benefit, long-term growth, and regional stability. The two nations also plan to convene the next session of the Saudi-Pakistan Supreme Coordination Council to further advance these initiatives.
Prime Minister Shehbaz Sharif, speaking in Riyadh, praised Crown Prince Mohammed bin Salman’s visionary leadership, expressing Pakistan’s full commitment to deepening cooperation with the Kingdom across multiple domains. Addressing business leaders, the Prime Minister said Pakistan was rich in natural resources and was determined to learn from past mistakes by implementing reforms that ensure transparency and efficiency. He noted that the Federal Board of Revenue (FBR) had been fully digitised, leading to a significant reduction in corruption.
Highlighting Pakistan’s demographic advantage, Shehbaz Sharif pointed out that nearly 60 percent of the population consists of youth, who are the driving force of the country’s development. He also drew attention to the devastating impact of climate change, emphasizing that Pakistan is among the ten most vulnerable countries in the world and requires substantial international support for recovery and resilience.
The Prime Minister underscored that repeated borrowing had weakened the economy and urged equitable global cooperation for sustainable progress. “True development can only come through collaboration and innovation,” he remarked. He also highlighted Pakistan’s growing focus on modern technologies, particularly artificial intelligence (AI), as a transformative tool for economic growth. “We are mobilising all resources to harness the potential of AI,” he said, noting that young Pakistanis were being trained in China to revolutionize the agricultural sector through innovation and technology.
This landmark development underscores Pakistan and Saudi Arabia’s shared aspiration to transform their historic friendship into a modern, future-oriented economic alliance built on trust, cooperation, and shared prosperity.